Hsbc Holdings PLC Invests $6.43 Million in Innoviva, Inc. $INVA

Key Points

• HSBC Holdings PLC disclosed a new fourth-quarter position in Innoviva, buying 323,646 shares valued at about $6.43 million. The stake represents roughly 0.44% of the biotech company.
• Innoviva’s stock was trading around $22.43 and is up about 0.8%, with a market cap of $1.66 billion. The shares remain well below the Wall Street consensus target price of $36.20.
• The company recently beat quarterly EPS expectations, reporting $0.44 per share versus estimates of $0.43. Analysts remain broadly positive, with a consensus rating of Moderate Buy and several firms reiterating buy ratings.

Hsbc Holdings PLC purchased a new position in Innoviva, Inc. (NASDAQ:INVA - Free Report) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 323,646 shares of the biotechnology company's stock, valued at approximately $6,428,000. Hsbc Holdings PLC owned approximately 0.44% of Innoviva as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of INVA. Creative Planning raised its stake in Innoviva by 0.8% during the third quarter. Creative Planning now owns 61,365 shares of the biotechnology company's stock valued at $1,120,000 after buying an additional 461 shares in the last quarter. Bailard Inc. grew its position in shares of Innoviva by 4.7% in the 4th quarter. Bailard Inc. now owns 10,933 shares of the biotechnology company's stock worth $219,000 after acquiring an additional 492 shares in the last quarter. Verition Fund Management LLC grew its position in shares of Innoviva by 0.3% in the 3rd quarter. Verition Fund Management LLC now owns 175,855 shares of the biotechnology company's stock worth $3,209,000 after acquiring an additional 527 shares in the last quarter. Bank of Montreal Can increased its holdings in shares of Innoviva by 3.8% in the 4th quarter. Bank of Montreal Can now owns 14,742 shares of the biotechnology company's stock valued at $295,000 after acquiring an additional 540 shares during the last quarter. Finally, Vise Technologies Inc. increased its holdings in shares of Innoviva by 6.1% in the 3rd quarter. Vise Technologies Inc. now owns 12,581 shares of the biotechnology company's stock valued at $230,000 after acquiring an additional 724 shares during the last quarter. 99.12% of the stock is owned by institutional investors.

Innoviva Stock Up 0.8%

Shares of Innoviva stock opened at $22.43 on Thursday. The company has a current ratio of 21.13, a quick ratio of 20.07 and a debt-to-equity ratio of 0.19. The business's 50 day simple moving average is $22.51 and its 200-day simple moving average is $22.03. The stock has a market capitalization of $1.66 billion, a price-to-earnings ratio of 3.73 and a beta of 0.34. Innoviva, Inc. has a twelve month low of $16.52 and a twelve month high of $25.15.

Innoviva (NASDAQ:INVA - Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The biotechnology company reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.01. The business had revenue of $97.99 million for the quarter, compared to the consensus estimate of $101.57 million. Innoviva had a return on equity of 33.33% and a net margin of 119.89%. Equities research analysts forecast that Innoviva, Inc. will post 2.2 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. HC Wainwright restated a "buy" rating and set a $46.00 price objective on shares of Innoviva in a research note on Monday, June 1st. Weiss Ratings reiterated a "buy (b)" rating on shares of Innoviva in a research note on Wednesday, June 24th. BTIG Research reissued a "buy" rating and set a $42.00 target price on shares of Innoviva in a report on Monday, June 22nd. Finally, Wall Street Zen upgraded shares of Innoviva from a "hold" rating to a "buy" rating in a research report on Saturday, June 6th. Five equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $36.20.

Innoviva Profile

Innoviva, Inc, incorporated in Delaware and headquartered in San Francisco, California, is a royalty-focused life sciences company. It acquires, manages and monetizes royalty and license interests in biopharmaceutical products, with a primary emphasis on inhaled respiratory therapies. Innoviva's portfolio is anchored by royalties on therapies originally developed by its former affiliate, now marketed by GlaxoSmithKline, including several long-acting inhaled products approved for chronic obstructive pulmonary disease (COPD) and asthma.

The company was established through a spin‐out transaction in 2014, separating the royalty assets from a research‐based biopharmaceutical enterprise to create a specialized investment vehicle.

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